Mastercard is to use blockchain technology to track the provenance of limited edition fashion items as part of a showcase of collections from leading women designers and artists.
Conducted in collaboration with retailer Fred Segal Sunset and fashion platform Made, the first collection from the partnership features a demonstration of Mastercard’s blockchain-based Provenance solution, which offers visibility into product journeys.
Using the technology, customers at Fred Segal will be able to scan the labels of designer items with a QR code that will trace each step of the product journey and verify authenticity.
The Global Brand Counterfeiting Report 2018 estimates that the losses suffered due to global online counterfeiting has amounted to $323 billion in 2017, with luxury brands incurring a loss of $30.3 billion through internet sales.
Mastercard says it plans on using Provenance with other partners to provide a clear record of traceability and authenticity of high value designer products.
Date: August 08, 2019